Stephanie wrote with a common question: How can a college student save money when she doesn't make enough to make ends meet? Here's her story:

I am a full-time college student living on my own for the first time. I moved out of the house about nine months ago, and have found that even though I have a great job, I'm not making enough to support myself.

I saved up a lot last summer when I was working, but was forced to burn through my savings during the school year. Fortunately, my parents are very willing and financially able to help me when I run into trouble, but I'm making an effort to be independent as much as possible. This is hard, because as I mentioned, I am not making more than I have to spend.

I'm very careful about what I buy, and try to save money whenever I do buy something, but I'm at a stage of life right now where I'm not sure it's possible for me to be completely independent. I do have some credit card debt that I'm trying to pay off, and may ask my parents for a loan of sorts, just to get me out from under that burden. I wonder if you or any readers have advice on how I can save my money when I'm not really making enough to put any away.

I believe that in most cases it's not possible to pursue a degree while saving money. Most people are going to accumulate debt. (I finished college without school loans, so I know it is possible, but this is an exception and not the rule.) In an ideal world, everyone would be able to save money, even while in school. In reality, there are a variety of reasons this might not be practical:

Low income

High expenses

Poor money management skills

Unexpected emergencies

Each person should aim to make the best choices possible based on his individual situation. Sometimes, though, even the best choices will lead to deficit spending and increased debt. Sometimes patience — and a temporary deficit — are required for a brighter financial future.

That's nice in theory, but it doesn't help Stephanie now. She still needs to know how to manage her money when she's not making enough to cover expenses. When I was in college, my strategy was to work as much as possible. At one time, I held down five different part-time jobs. If I hadn't become addicted to credit cards, this income would have been more than enough to see me through graduation. (Though in retrospect, I wish I'd focused more on my studies.)

What about you? How did you make ends meet when you were in school? Did you work more? Did you live like a pauper? Or did you simply surrender to inevitable debt? Do you have advice for others who might be in a similar situation later in life?

In 2006, J.D. founded Get Rich Slowly to document his quest to get out of debt. Over time, he learned how to save and how to invest. Today, he's managed to reach early retirement! He wants to help you master your money — and your life. No scams. No gimmicks. Just smart money advice to help you reach your goals.

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There are 100 reader responses to "Ask the Readers: Can College Students Save Money?".

deonnesays

I think it’s too much to try to save money while you’re in school. I’m returning to get my MFA long after I did undergrad, and this time saved a chunk of money in advance so I wouldn’t need to take out any loans.

When I was an undergrad I took out student loans plus worked part-time, then when I graduated got a full-time job and prioritized paying off the loans. I’d advise Stephanie to do the same. It’s a drag that I’m going to drain my savings instead of adding to it in the next couple years, but I know it will be worth it – it’s a choice I’ve made, and I think it’s a good one. Congratulations to Stephanie for even considering her financial situation! Many people her age wouldn’t.

Having recently graduated myself, I’d recommend finding and taking advantage of every college deal you can. At my university, we had a dedicated computer store (cheaper prices than the big-box stores), a co-op book store, and a co-op organic food store. There were also $1-2 vegan dinners offered once a week by the chaplaincy (open to all, not just Christians). We had a “pay-what-you-can” lunch service offered every week-day.

As a student, you can also get the ISIC card (Goggle it), which is an international student card, and can get you deals at many businesses. Don’t be shy to go into a store or restaurant and ask if they offer student discounts. You might find yourself getting 5-15% off on many of your purchases.

I don’t know what services Stephanie’s school offers, but so long as she’s a student, she should definitely try to see what deals are available to her.

I would be worried less about the break even point and more about simply doing the best you can.

School is a temporary condition, and the odds are stacked against you, money wise. School is frighteningly expensive, it is difficult to have a high income when your schoolwork is your primary focus, etc.

So, first, remember that school itself is an investment that will pay off later in the form of higher income.

Second, many of the general tips posted around here will help you get closer to savings or at least mitigate your accumulation of debt.

Sidenote: Craigslist is great for college students, people are getting rid of stuff for space/moving reasons constantly and with a little effort you can get many of the odds and ends you’ll need for living: chairs, appliances, etc.

As a student you should try to buy NOTHING. Get your books at the library, get your food at student events… I go to events for free pizza all the time. Get your furniture off of freecycle or craigslists. If you live off campus, when the kids move out of the dorms, scrounge for stuff… I got all the lighting for my apartment this way. Arrange to get your books from upperclassmen in the same major, at slightly more than the bookstore buyback rate. Go the first week of class without the book to see if you really need it, if you can do HW in groups probably not… The library usually has copies of the textbooks on reserve, so you can do any reading there. The local public library will have copies of any novels you need to read for class. Get your grandparents to come visit and buy you dinner, and eat the leftovers for a week, always stay after parties to clean up and take home any leftover food.

I went through four years at SIU Edwardsville. I ran cross-country but only got a small meal ticket for food once in a while. I worked evenings as a janitor too. I recently had a book published. It can be found on Amazon.com “Five Minutes till Race Time” The book explains how I made it through college with no food, housing, job, and old beat up Ford Fairlane. I laugh now when I look back at those days. But, it was a challenge to say the least.

I would honestly caution college students against getting too caught up in trying to save money. Live frugally by all means, but college is when you are investing in your own future and your own potential to earn money later on in life.

I just feel like it’s easy to get anxious and guilty about money (which, by the way, can lead to spending money!) when that’s not the most important thing for you to be thinking about.

I saved money while attending a very expensive, private liberal arts college with no help from my parents. First, I made sure to take full advantage of the school’s financial aid program and outside scholarships. I applied for a lot of scholarships and I did well in school, which helped me get them. I’m amazed by how few people bother to apply for scholarships — they are lazy or they use the justification that they won’t get the scholarship so it’s not worth the effort to apply. Wrong.

Second, I worked a lot in school, and as you can tell from the scholarship situation listed above, it did not hurt my grades. In fact, it helped me when I graduated because I already had a resume. And I tried to get jobs I liked doing anyway. For example, I got a campus job at the volunteer center. I also did other special, one-off jobs that typically paid very well or had other benefits like free housing. This included working as a Resident Assistant during the school year in a dorm and during the summer in a dorm. Free room and board, plus salary. I was a TA for a professor. I did occasional research for professors. I applied for grants that funded my summer research. You have to be pro-active and creative.

Third, cut all spending. You are not entitled to any “need” type purchases and you don’t “deserve” nice things because you are working hard in school. My school was full of wealthy students whose parents were paying over $120,000 for them to get a degree. I had to keep my social life centered on campus where it was free. There is always free food and entertainment on campus. People are always getting rid of furniture and clothing on campus. You can always find dirt cheap housing if you’re willing to compromise on standards, which I find acceptable to do for a defined period of time.

Take a really hard look at your actual expenses and see if there is any way to reduce them. Do you have a cell phone, cable, internet (luxury items)? Can you get a roommate if you don’t have one or can you live at home and go to school? Are you buying more expensive convenience food when a bit or organizing and a couple of hours a week in the kitchen can save you money? Can you get a lower interest or no interest rate for X # of months on your credit card (and stop using it – debt pay down only)?

Once you have addressed/minimized your true fixed costs then if you are still short $ you need to either see if your parents can contribute the missing monthly $’s (gift or loan) or see if you can work more hours to cover the shortfall while still keeping your grades up. You can also try selling your ‘extra’ stuff on E-Bay; that’s how my brother funded his last few months of school.

More importantly, I would recommend continuing to live like a student for a couple of years after finishing school. That way you can quickly pay off any outstanding debt and get a big head start on retirement and other types of savings. Too many recent graduates run out and get a new car, cell phone, nicer apartment, etc. and then face the harsh reality of too much debt and not enough income – especially problematic when it comes time to start paying back student loans.

This is going to sound a bit odd on the advice scale, but after you’ve spoken to a guidance councelor about all the available scholarships/grants, find a student athelete in your class, and ask him/her about the scholarships he/she and other athletes are on.

It may suprise you that many of the student athletes are on little known scholarships (beyond just your standard athletic scholarhips) to help them float their expenses. Many of those are freely available to everyone, but few people know about them.

I played soccer in college, and I’m not ashamed to admit being on my college’s “silver anniversary” scholarship for a few years…and I only had a 3.0 GPA. It’s just that not many people applied for that, beyond a few athletes who knew about it through their coaches. There are many other grants that require an essay…I got a few of those by default (being the only entrant) as well.

I really believe the roots of frugality take hold on college campuses. After all, where else could you find a collection of over 1,000 people living off Ramen noodles! Seriously, I’ve been exactly where you are and the best advice I can give is to try to tread water, financially, until you are out of school. I worked my way through the first two years of school, then found an employer with tuition reimbursement and worked there full time to finish out my remaining three years (yes, that’s five years – long story!).

If you could make it through school without accumulating any additional debt, school or credit card, consider that a victory, even if you don’t have a pile of savings to show for it. Having said that, a small emergency fund of $500 or so would be a noble goal as it would provide a small buffer between emergencies and future credit card debt.

My husband and I are both in school right now. We both work part-time throughout the school year. During the summer, we work full-time (if we’re not in school then too). I found a job monitoring a student computer lab which doesn’t pay great, but it gives me paid time to do my homework. Then I have another on-campus job that pays a little better. Having an “easy” job allows me to put in more work hours, but I wouldn’t suggest working more than 25 hours/week as a student to keep good grades. I’ve managed to earn full-ride scholarships and qualify for pell grants every year which is great. (Fill out FAFSA early!)

I usually take the full-load of the max of 18 credits to get my money’s worth and I’m graduating within 3 years which helps save money.

Take 10% of your paycheck and have it directly deposited into a savings account and try to live off the remaining 90% when you budget. I’ve been focusing a lot on cutting our grocery bill & building our food storage. As a single student I think I spent about $20-25/week on groceries. We don’t live in luxury right now and I hardly ever buy new clothing or go out to eat, but I figure it’s worth it in the long run.

If you really can’t find ways to cut your budget then just do all you can to stay out of debt as a priority. Instead of making monthly credit card payments that money could be used for savings once debt is paid off. Sometimes subsidized school loans are worth it though when there’s nothing else.

I agree with Emily H. There’s no use working hard to save a little money now if it’s going to hurt your GPA and cause you to get a lower-paying job or a job you hate, or just slow you down so you’ll be in school an extra year (or more!).

I’ve found that I can save a lot on housing by shopping around. Get roommates unless they’d end up costing you more by not paying rent or leaving their lights on all night. My best advice for saving money, though, is: never eat on campus unless it’s free. Anything you cook yourself will be half the cost of buying it on campus.

I would focus on part time jobs/internships that will give you professional experience, academics, and then earning extra money you can. In that order. Be as frugal as you possibly can. But as long as you can pay the bills, even if that requires accumulating (low interest student loan) debt, your most important goal in college is to get as good a job as possible when you get out. That is critical to having a good financial future.

I’ll spare the long story about my mistakes, but please take your time in college to:

Focus on school, not money

Take risks, network in your future field, and have fun

Live on federal loans

If you don’t do some of that now, you’re either limiting your future options or committing yourself to do it for a few years after you’re out of school. Now is not the time to start an emergency fund for most people, and I think that’s as it should be.

Get rid of the credit card or put the credit card where you won’t use it. Like in a picture frame behind a picture so if you really do need it, it will take you a few minutes to get at it. In those few minutes think about what you are wanting to buy and why. Get the credit card paid off. Talk to the parents about the loan if need be. The minimum payment on the credit card would go a lot further with the bank of mom and dad because the bank of mom and dad doesn’t charge as much interest. Set up payments to the folks and treat it like any other debt, pay it monthly. You want to be independent, make the payments to the bank of mom and dad like you would any other payment.

As for extra money, when people are moving out of the dorms dumpster dive for things that you use in your own place or sell on e-bay or crieg’s list. Always pick up pennies when you see them, they do add up. If you want to eat out go to reasutant.com and get a 25.00 gift certificate for 10.00 to a local resturant. Free food at events is great. Shop at the thift stores for clothes or anything you might need. It’s another place you can find things to sell on e-bay or crieg’s list.

The time in college will go by fast. So enjoy what you can and try not to accumulate debt to carry in to the next stage of life.

I just graduated from college. When I started reading this blog at the beginning of the school year I began to budget. I think it is possible to save even if very little. I know everyone’s situation is different. Luckily I didn’t have to pay for school. But I did live off-campus and supported myself with my own income! I had three part-time jobs: around ~30 hours a week, I also volunteered, took 3 classes and wrote a thesis! So maybe my social life suffered but I felt fine with the friends I made in school and student groups.
So, even though I was spending almost half of my income on monthly expenses, and managing how much to spend on food and other expenses, I was able to put away money each month (about 10%). Not much when you consider that I saved under $1000 during my senior year but better than nothing!

I spent the first two years of college living it up and borrowing a bunch of money on credit cards and student loans.

I spent the last year-and-a-half working 40 hours a week and taking 20 hours of classes. The surprising thing? I made better grades during my last 1.5 years than my first 2–straight A’s!

The secret was focus. Intense focus on my goals.

I don’t regret it. I graduated completely debt-free after paying off ~$5K in credit card debt and ~$10K in student loans. (I also cash-flowed my senior year…paid all my tuition myself for four years at a private university.)

The result? I graduated debt-free at 21 years old, bursting with confidence at what I can do. And the cash-flow from that after-college job is really fun!

I’ve taken some big trips and had some fun too. The cool thing is that I’m now able to live on about 1/2 my [current] $45K income. (The college degree was helpful!) I give 10% and save about 40%…15% into retirement, 15% for my first “mini-retirement” next year and 10% miscellaneous savings.

Does your school offer a free bus pass? My university offered a free bus pass that could basically get me anywhere on the front range in Colorado. I had a car that was paid for and I used it maybe twice a month. This was free transportation and was a HUGE money saver for me!

Flame on…I regret working so much through college. 30+ hours as an assistant manager, and another 15-20 starting my own business. Grades suffered, but more importantly I missed out on the “good times” by always having to be at work. The experience of working through college has really made me appreciate the free time now that I’m out of school, but it still feels like i missed out on the social aspects, the group learning, and keeping my grades up.

Finally in my last 2 semesters the job took a backseat to my schooling-school became the priority that it always should have been and I actually felt like a part of my university. Teachers knew me and the work i turned in was finally worthy of my signature.

Bottom line is this-I can respect the OP’s desire to get a jump start on saving money, but I wouldn’t do it at the expense of losing out on the best years of your life.

JD-Stephanie needs to reevaluate her priorities. As a student just going out on her own, they should be:
1) Exceptional grades
2) Work full time
3) Spend next to nothing (Craigs list, free cycle, etc)

There are also a lot of unknowns in this. Can she move back home until her expenses exceed her income? Is she going to a state school? Did she consider using the community college system for her first two years of school? This alone can shave a lot off her tuition.

What I find is that most students have a ton of free time. This is spent hanging out or partying instead of studying or working. That is great if your parents are paying the way or you are on a full ride scholorship. It stinks if you are footing the bill!

It is possible to go to school full time, work full time, and still have a life. I know because I did it twice. I also had a family to throw into the mix. We had to make some sacrifices but I got it done. I also graduated with top honors and got three promotions during this time. I did it with no debt (including student loans) and actually increased my net worth.

I’m also not the only one I know who did it. It all comes down to priorities. The ironic thing is that we have better memories of college than our friends that didn’t work. Our degrees also meant more as we paid for them and we weren’t saddled with decades of loan repayment.

Do I sound harsh? I don’t intend it that way. I just believe so firmly that we need to live within our means. That is especially important when you start out. Most people are better off if they spend a couple years working before college. They know more about what they want. They are more mature. They can do it while living within their means. Often their employer will help with tuition. They can save up and have a buffer. All around it is a better way to do things.

The SSF provides deserving students the opportunity to live in its housing rent-free, buying utilities and food cooperatively among groups of students, usually 20-30 in a “house.” With a tuition scholarship, this one, CLEP credit reducing my college career to three years, and a job working 15 hours a week as a minimum-wage secretary, I was able to graduate with only $3000 debt in 1982. For grad school I was a kind of RA in one of these houses, which gave me my own room and bath, no expenses (carried by the other girls in the house), and about $75 a month stipend. With that and a measly English teaching assistantship ($4800/year), I saved enough my first year of grad school to buy a car!

Variations on this strategy could include living in a large house with other students and sharing expenses in an organized and cooperative way.

If your degree has the option, paid internships are a great way to kill two time-consuming birds with one stone. You might not be earning as much as at a retail position, but you’re earning credits at the same time.

If your degree qualifies, you can freelance. I did editing for my school’s IT department when they were building an online curriculum. Moreover, the program director was an enthusiastic reference for my first FT job.

Also, keep in mind that non-monetary conpensation may be as good as, or better than, earning money. Many schools give free room and board to RAs, whereas earning enough to pay for room and board would take up a huge amount of time at minimum wage.

Finally, finishing school early is a great way to cut costs if you can manage it. I did my BA in seven semesters, and it would have taken only six if I hadn’t pursued a minor as well. Think of ways to get around restrictions. I needed to take a class that was full, so I asked the instructor to let me sign up for another section but attend the full one. Since it was the same amount of grading for her, she was fine with it.

I’m a Current poor college student, Yet I understand the importance of saving. And have devised a way in which I Split of my earnings and cut back my spending inorder to get where I want to be. I have already set up an Emergency fund with 1k in it. I now split up my paychecks 10% off the top of EVERYTHING that I make goes into my ING “Long Term Savings” account. I have this just to make myself feel like I’m doing the right thing, and it adds up. After this 60% goes into my “Bills” account. this pays for rent, books,car insurance, car payment( Goal: to be paid off by end of summer) and gas. the Last 30% is Beer. Because your in college and you have to budget for a couple cases of keystone or natural Light. ” Ballin on a budget!”

Hi Stephanie! I am not the best with my money management skills, but I have learned from my mistakes. I do have a couple suggestions:

You may want to consider taking a job at the college cafeteria. That way, you can make money and also eat for free. When I was in college I also worked for the school’s catering service. Even when I wasn’t scheduled, I could come in and grab a bite under the premise of picking something up, or submitting my timecard. You get the idea. The food in a large cafeteria is always going to waste.

Also, I noticed you didn’t mention your financial aid/student loan situation. If you are currently making full tuition payments to the school and not using any student loans (or even if you are not using the maximum amounts) you may want to consider this. Ask your financial aid officer if you qualify for a subsidized stafford loan. (The Department of Education covers the interest on this while you are attending school). Continue making your full tuition payment to the college, and the money borrowed on the stafford loan which is not applied to your tuition expenses will be handed to you part way through the sememster by the school bursar or accounting office. Take this money and pay off your credit card immediately. Then, take the payment you would normally make to the credit card and pay it towards your student loan. Since you are not required to make payments on student loans while attending, it will allow for more flexibility in a month where you might be tight with your finances. If you have a subsidized loan, any payment will go directly towards the principal. Even if your loan is accruing interest, it will probably be less than what was on the credit card.

My friends and I would also do potluck dinners, split grocery expenses, carpool, bicycle, and go on adventures to the local farmer’s markets. Hit up bakerys in the evening. A lot of fresh bakers throw out their bread/bagels etc in the evening. You may be able to buy bread for pennies literally. (We used to get dozens of bagels for 50 cents!) Visit thrift stores for your clothing. Trust me, when you look back on it, these things will seem like a small price to pay for your independance and small debt load.

I second and third what people are saying that the emphasis should be getting the most out of your college education (that’s the most expensive thing you are spending on!) and less about saving. Just try to live as simply as you can during this time, after all you are a student! Once you graduate, continue to live like a student even when you are making more money, save the difference.
I was fortunate in that between my parents and a 4 year scholarship I didn’t have student loans. The only crimp was that I was given $500 a semester to pay for all other expenses (that’s books, housing, food, etc). Considering that my books alone often cost 150-200 (this was before amazon), that wasn’t much. I did have a summer job but was saving that money for my semester abroad. As I lived in a low cost area and always had roomates I was able to live off that supplemented with TA and tutoring jobs. When you are on a scholarship you are actually limited to how many hours you can work weekly, so working multiple jobs is not an option. Some things to do: go to free food functions as much as possible, keep thermostat high/low in summer/winter, make your own food, bike instead of having a car, etc. We set our thermostat to 55, so I pretty much lived in the library that year!
You do NOT need a tv when you are in college. This is the time for immersing yourself in subjects, deep conversations with friends, long bike rides, good books, and making your own food.

Internet is NOT a luxury item for the modern college student. The majority of the research you will be doing is online. The flexibility to do research at home was always key for me.

That said… while my parents paid for my undergraduate degree, I paid my way through my MS. When I started, I was working at a job that paid $6 per hour. Here’s what I learned.

1. Student loans with good rates are a better choice than credit cards, if your school won’t let you pay installments. I kept juggling tuition on and off my credit card & paid more than I really should have.

2. Take advantage of any college or education-oriented money your job may offer. I was lucky enough to get partial reimbursement for my tuition *if* I kept my grades up.

3. Take the job that will get you *experience* over the job that’s “safe” or pays better. (This includes working as many internships as you can manage.) I can’t stress this enough. Your degree isn’t a magic ticket to a job. In fact, with more people getting undergrad degrees, employers aren’t valuing them as highly. You need *experience* more than anything else, and, you college *will* have the resources to help you find those entry-level *internships*. Entry-level jobs will be much harder to find.

4. Think strategically about where you want to be. Take a minor in an area that will support your field. Take extra classes earlier to lighten your schedule as a senior (when you’ll most likely be working AND have internships).

5. Live at home if it’s an option. I lived at home while working full-time (for lousy pay) and going to school part-time for my MS. I realize this isn’t an option for everyone, but, I don’t think I could have done what I did without this.

I realize a lot of this won’t help your current finances. However, I didn’t find a job for five months after finishing my undergrad degree. That job paid six dollars and hour and had no benefits. (I was paying over $300 per month for COBRA medical benefits.) When they were bought out, I was brought up to $10 per hour and benefits, but, that was almost a year later.

When I finished my MS, I looked for a job for almost the same amount of time. I finally landed two part-time jobs. One was technically a paid internship. The other was temporary with opportunity for extension. The latter offered health benefits briefly, then could only extend my time there by changing my status to an independent contractor. I went back to paying a *lot* of money for health insurance. Finally, I landed a full-time (though also temporary) job doing exactly what I wanted to do that also included benefits. Doing everything you can to leverage yourself into being able to GET the job at the end of your degree is critical, and, I’ve kicked myself for not doing even more than I did.

My parents used to always tell me, even though I had a job throughout college, “Your job right now is school.” They were right. Keep a basic frugal attitude during school, but rather than concern yourself with penny-pinching, put every effort you can into landing a great job when you get out of school. Consider yourself fortunate to have parents eager to help make ends meet, don’t rack up too much credit card debt, and rather than work several meaningless part-time jobs, find a great internship, attend networking events, get involved in your department at school, talk to your advisor, and generally prepare for your eventual release into the real world.

Unlike Dave Ramsey, I think student loan debt (within reason) is okay. I went to an inexpensive school, got as many scholarships as I could, and lived on campus. The debt I incurred covered tuition, the dorm, food and books. It will take 10 years to pay and will be paid off in 2011.

I only worked a part time tutoring job (10 hours a week), and worked 60-70 hours a week in the summer to save for the school year.

I am now going back for my Masters. The investments I made right out of school are paying for this degree in full.

Can she take some classes at a community college and transfer them in to save on money? How about living on campus? Can she take a part time job to cover some tuition? I agree that saving for the future in college is difficult. Saving for future expenses (ie – work in the summer for the school year) is possible. It should be her goal to leave school with as little debt as possible.

Saving in college is not about building a thick base of cash to propel you into the multi millions by age 35. Saving in college is about building good habits and figuring out what you want your life to be about.

I’m a graduate student in physics who went to a private liberal arts college in 2001. I didn’t get a penny of money from parents but all but about $5000 of tuition was covered by scholarships. So I left with about a new cars worth of debt.

I came out of college knowing what I wanted to do and a plan for how to accomplish it. I find that asset more valuable than the $67 (yep no typos) in savings I had in the bank at the time. The second I started making a regular (albeit small at first) salary in grad school I followed my plan and I now own a semi new car (2003) out right, I have $15000 in Roth IRAs, $6000 in an emergency fund and the big screen TV I want and I haven’t tipped 25 years old yet.

A lot of my friends had better paying jobs right out of college but they didn’t want to work at their jobs and as a consequence spent a lot of money and time trying to make themselves feel better. Unhappiness/dissatisfaction in life costs a lot of money. I know what makes me happy and that simple fact has put me on the path to financial success.

So I say don’t necessarily look to stash maximum cash away in college, rather make sure you know what you want to do in life and how you’re going to get there. College is great for that.

The first item I want to point out is that saving can actually be detrimental to a college student. IIRC, if you’re still considered a “dependent” according to the DOE (and most undergrads are), then they will count a huge portion of your savings against you on your FAFSA and it may reduce the amount of aid you are eligible. For this reason, I agree with others that saving while in college is a poor idea.

I finished undergrad less than $10,000 in debt (it wasn’t possible to avoid all of it for me, and all of that $10k is consolidated at 2.7%. Then I had to screw the whole thing up by going to law school, but I digress.) and I attended a private liberal arts college (for the last two years of my degree.) My parents did not pay for any of my schooling beyond helping me out with the occasional book I needed.

– I lived at home for most of college. My parents didn’t have money to contribute to my education, but they let me live with them for free. I had to move out because they got a divorce and sold their house, otherwise I might still be living there.

– I did the first two years of my degree at community college for free. I had a full tuition scholarship based on good grades.

– I worked throughout college. I had a work-study job at the private college I went to and I cobbled together other odd jobs. (babysitting, retail, etc) My grades did not suffer and I had a social life. I graduated summa cum laude.

– I think your aim as an undergrad should be not to borrow anything to live on. I only borrowed money to pay my tuition. Anything else I worked for. This is where the poor student lifestyle comes in. I bought my work clothes (business casual required at work-study!) at thrift stores or on clearance at Target. I ate cheap food I brought to campus myself. I liberally took advantage of free food opportunities.

Another way to save money (what I am doing now for law school) is try to get a job working for the college/university full time. Most of them have employee benefits that pay some or all of your tuition (and your spouse’s and/or children). Universities are also good employers with good benefits, although the pay lacks. I work full time for my school and attend its evening JD program. It’s hard work and brutal, but I estimate that I have saved about ~$50,000 in tuition I would have otherwise spent. And I get a paycheck to boot!

I wrote about this yesterday in my blog! I try to put any of my “extra” income, whether it be online surveys, working for friends and family, gifts, etc. away immediately into my Roth IRA. That way I don’t miss the money that I wouldn’t have had otherwise, and I am at least contributing something that can be compounded while I am still young.

Stephanie apparently is, but please don’t assume that all college students are “traditional age”. Most undergrads are actually over 25 (according to gov’t statistics). DH got his BBA at 40 and his MBA at 43. We incurred little debt to do so, but we lived very frugally during the time he was in school full-time.

If you choose to go to college immediately after HS, then I’d say take on all the loans and scholarships you can. Work a little bit (I found it helpful to work to remember how much money “costs” — you can lose track of the value of saving $5 when each book is $150!)

However, college isn’t going anywhere. You can choose to get a job, have a young family, join the military, or go to school very part time for a few years. Unless your life plans require you to be auditioning for Broadway at 23 or finishing an MD or PhD by 26, you have more choices than you think. A lot of people aren’t ready or financially able to swing a college degree at 20. That doesn’t mean that you can’t go back. You can. You’ll have lots of company! Being older isn’t a disadvantage for acceptance — age and life experience is category of diversity. I’m pretty sure DH got into a prestigious undergrad business school that he would not have as a bright 20 yo.

I’m a little different then everyone else I think based on reading the comments. First, yes work to get any scholarship and grant money you can, there is some available and every little bit helps. Second, you should work, but not so much it takes away from studying. If you are keeping grades up work all you want. After that don’t be afraid of student loans. You want to work to minimize the amount of debt you have but next to a home mortgage a student loan is the best you can have. You don’t have to make payments until after you graduate (and usually you have 6 additional months before you have to start paying back) the interest you pay is all tax deductible and the rates are always lower than credit cards. Balance it out so you are saving some, create an emergency fund maybe even save $50 a month in a RothIRA. Then once you are out of school you should have a nice start on savings, good habits and a job that will allow you to quickly start paying down that student loan quickly. Each person is different but you shouldn’t have to sacrifice everything in life to be debt free.

Unfortunately I threw in the towel and let the student loans take over. My degree program costs roughly $120,000 for a degree in Flight Science at a state school. I’ve been very fortunate compared to many of my peers in keeping my debt as low as possible by working hard and getting scholarship money but I still wasn’t making it as far as paying for the flying portion of my schooling. Many in the program leave with about $70,000 – $90,000 in student loan debt. I’ve kept mine around $50,000 and have my next year (last year) paid for already. Because scholarships will cover my last year of school I’ve been able to start saving money so when I graduate I will have a stash to make loan payments should I fall short every once in awhile. A strong emergency fund is going to be very important when I jump into the highly unstable world of the airlines. First year pilots only make about $20,000!

Some ways I cut back are to live with a roommate in a single bedroom apartment which keeps my monthly housing expenses very low at $279. My roommate and I also split expenses for household items and groceries. I also carpool to work and the airport where my flight lessons are which is 25 miles from the main campus. Like many have said sometimes school is simply too expensive to not get loans so you do what you can to keep debt minimal.

* Psych dept. may pay to take surveys and do studies (not drug studies) $10-15 an hour
* Other depts. may offer cash for doing similar work
* MRI studies may pay $50-100 to do a brain study (just don’t be claustrophobic)
* See if there are focus groups in your city that pay you for your opinion
* Do a sleep study to get paid while you sleep
* Be a mystery shopper, especially for meals/restaurants
* Catering work
* Sell stuff on eBay/Craigslist
* Watch Craigslist for one-time opportunities to make money (passing out fliers, setting up for a party, helping someone move, bar tending)

Use your extra free time that pops up at semester ends, spring break, early in the semester.

I am five years out of college and work in investments. First off, I don’t feel that college debt is necessarily bad debt. I see it as a downpayment on a better future. Not to mention, the gov’t is extremely flexible with payback options.

More importantly, being in college and learning is a job in and of itself. To the extent that you can focus on school and just school, you should. You have your entire life to work. And pay bills. :) I understand that some people have to work while in school because they may not have the support of parents, however, if your parents are ready and willing to help you – take it. I understand your desire to be independent and commend you on your maturity. But if it comes at the expense of your grades, or your college career in general, then I wouldn’t advise that because college is what will ultimately catapult you to fully independent status. Good grades, good internships, good jobs, good money = independence.

And in the future, when you are secure and making boatloads of money you are in a better position to be there for your parents.

Let’s assume that in this case your income (or lack thereof) is fixed in college. You don’t have time to get an additional job or seek supplemental income. You want to create savings. How do you do it?

Analyze your current spending habits. Use a free online tool like Mint.com to see where your money is going now. Look for those “latte” factors – small priced items in your budget that occur frequently. Can you eliminate any of them? Instead of buying a latte every morning – can you forgo a latte on two mornings? Put that money you saved from not buying your small-priced item into a savings account. Go out for drinks with friends 2-3 times a week and spend $15 or so dollars? Try going out 1-2 times a week and spending $10. The little things add up.

The difficult part of this is executing the plan. You need to actually *move* the money from your checking account into a savings account!

And finally…don’t totally give up the college experience to get a jump start on being a “grown-up.” Too many of us in the real world would give an arm and a leg to re-experience the college life just one more time. That’s why we go back to Homecoming, right? It’s not the football…

I keep reading these posts trying to figure out why these graduates are not living at home with their parents. Why on earth would you not live at home for free when on summer break or following graduation? I think kids expect to live on their own too soon and that is a luxury they can’t afford. Suck it up and live at home in your old room, it’s the only option. It’s exactly correct that you can’t make enough money to support yourself for a few years. The mistake is not living at home with your parents rent free. Then you can manage your finances wisely until you do make enough money to move out. Any other way is a waste of money.

There’s already lots of good advice here, so I’ll just throw my ideas into the mix….

Try to develop a budget based on your set income. If you can save a few dollars here and there for the long-term, that’s great, but it may be more practical to develop a small emergency-fund cushion first. When you receive money windfalls, such as money from your parents, consider putting that into savings. If you didn’t plan it into your budget, it’s extra money; if you don’t save, there’s a likelihood you’ll spend it on stuff you don’t need (and thereby will fall into “lifestyle inflation”).

I know that many people here advise you to take advantage of free stuff, and I agree that you should do so.

Many also suggest you not spend money on stuff you really don’t need…. But I’m not so sure. College is a time of self-development, when you establish some of your cultural tastes and traits. If you budget properly, don’t feel guilty about paying some money to attend an occasional play or experience the food of a different cuisine. College is not just about preparing for a job–it’s also about preparing for life. It may seem financially prudent to avoid cultural and culinary experiences that cost money, but when you start working full-time after you graduate, chances are you won’t have much time to initiate yourself in such things. Do them now, though be moderate and thoughtful about it–don’t eat out all of the time, but enjoy it (and learn from it) when you do. You don’t need to attend concerts, movies, and plays all of the time, but attend them in moderation, and enjoy the cultural impact of your education. It is indeed important to save money and avoid debt as much as possible, but you will probably have 30 or 40 years before you retire. Be frugal, not miserly, and be sure to “live” during those 30 or 40 years, without excess.

Other advice: Learn to cook, not just mac-n-cheese and franks-n-beans, but learn to cook with inexpensive ingredients such as fresh veggies, lentils, herbs, spices, etc. This will help avoid overspending on dining out, and will also enhance your cultural development. Again, college isn’t just about training for a job or career; it’s about developing a blend of financial, cultural and life habits that will serve you well for your entire life.

@Web Tech Gal: I’m not sure where your parents lived, but there weren’t many good-paying jobs with advancement opportunities in my field where my parents lived. The value of the “free housing” was less than the cost of missing opportunities elsewhere.

Wow, I loved my college days because of the tight money. I was a bit older and married, so maybe a bit more financial aid, but also all the expenses were mine!

1. I bought the Tightwad Gazette! That was my big start.
2. For housing, we managed a complex of duplexes. These places rented for 1700$ a month, our cost was just $500 and we had free cable, wsg & power all paid, and they had washer and dryer.
3. I quickly learned that one supermarket had awesome loss leaders and always bought those and anything else on discount or in the damaged bin.
4. I worked at a deli, so drinks were free while working, and food was 40% off. Typically the $1-2 I might have received in tips covered my lunch.
5. Actually work! Most students I studied with worked 10-20 hours a week. I worked 36-40 hours a week. It may not be fun to get up at 4:30 a.m. (or at one point in time I was up at 2:30 a.m.) to go to work, but you can get better pay, and more hours that way and still have evenings for study.

Live as frugally as possible, and work your butt off during your breaks – especially summer break. (Nothing says you can only work 40 hours in a week – get multiple jobs or find one that will allow you to work lots of overtime.)

I wouldn’t try to put any money away for long-term investing at this point; any money you make can go into a savings cushion that you can slowly drain when you can’t make ends meet.

I think College is a time when peer pressure is really high — I work on a college campus and have seen the waves of “must haves,” from a walk man years ago to the ipods of today. Students with cell phones at one ear and an ipod ear piece in the other are very very common. As are students who say they must have a car to get to the job they have that the must have to support the car…. It must be hard to decide against participating in that kind of very expensive culture.
And, I think it is also hard to adopt a new mindset and not to expect to live as you did in high school, when your needs weren’t as great, and there was more parental support.
Also you are being constantly told by advertisements (from tv to bar windows) how people your age should be spending their time/money… and the message isn’t “save.”

Don’t worry too much about saving. It’s an unnecessary stress when your primary goal should be performing well in class. Ideally, save up enough over the years to have rent for a couple of months, but you’re not going to suddenly start paying way more rent when you graduate (unless you do but that’s really your own choice). Here in PDX, housing w/ college students/in college houses usually costs $1-200 less than nicer housing, anyway.

Just perform well in school and keep out an understanding of the current job market . Good luck :D

And in response to #48 — that’s really true about the peer pressure… which is why, if you want to buy one of those things, post on your college’s bulletin boards looking to buy an ipod for $50-75 instead of full price. You KNOW that there’s some early adopter out there who would view that as free money!

For two years, I lived in an on-campus apartment with a roommate. I held a leadership position within the apartment community that knocked $200/month off my rent. My share of rent went from $350/month to $150, including all utilities.

At that time, I did not have a car. I either walked to work, took a bus, or rode my bike (until that was stolen).

It’s so tempting to eat on campus or order a late night pizza. Avoid that. If there’s an Aldi in your city, go there and you’ll be able to feed yourself for under $30/week.

Pack snacks/lunches for when you’re on campus. I wish I took my own advice for that one.

Buy your books online, if you buy them at all. Sometimes, profs will put a book on their syllabus, and never actually get to it. That’s annoying. For some books, you can get away with buying earlier editions.

I bought the 7th edition of a poli sci text for about $3 online. The 8th edition (came out the following year) was $90 and looked practically the same, but had a different cover. Oh so typical.

Oh, and if at all possible, avoid credit cards! They can get out of hand so fast.

I think it might be possible to graduate debt-free, but probably not to save much. If I hadn’t gotten married and started having kids during college, I would likely have graduated debt-free (barring expensive emergencies). I started college in 1999. Here’s how I did it, and I fully recognize that most people don’t have these advantages:

1) I had the best academic scholarship offered by my school. My $1500/semester tuition was paid for, plus I got 1/2 that in cash, which paid for books.
2) I lived at home (no expenses) and worked during the summer for $10-$11/hour. I was able to make $4000 and use this for the next year’s living expenses – this would give me $500/month, which I found to be *plenty*. I did not waste money on excessive food/treats, entertainment, car payments, cell phone, etc.
3) I drove my parents’ 1974 Chevelle. I was on their insurance, but I paid for gas. Back in 1999, gas was $1/gallon, so this was not a big deal. I drove to the grocery store and on a VERY OCCASIONAL treat run. If my parents wanted to pay for gas for me to drive home, I would do that too.
4) My rent was $215/month. Sure it was a dump, but I didn’t really care.
5) I was on my parents’ health insurance. I was on their car insurance. I used my mom’s cell phone. This was back before cell phones were nearly universal, so the only person I talked to on the cell phone was my family.

Again, I realize that many kids will not have those advantages. I guess that through very careful budgeting, I probably could have saved a little.

Once I got married, all this went out the window. I did start getting Pell grants, but I was no longer on my parents’ health or car insurance, and since I had my first baby within a year, I could no longer work full time during the summer. Husband and I both worked part-time all year and went to school all year. By the time I graduated, we had taken out $10,000 loans between us. Husband’s student loans from before we married and after I graduated are another point entirely :-(

I started off at a nice non-profit university where I had a half-tuition scholarship, a Pell Grant, a part time job, and help from home to pay for housing.

I did that for a year, then moved to Brazil for two years to serve as a missionary for my church – fully funded with money I’d saved during high school.

From there, I came back to the United States and went back to the same college. My savings depleted and my parents no longer able to help, I went to school full-time and worked two part-time jobs, teaching Portuguese classes, and selling home electronics equipment.

My life was very busy and I have to say that my grades suffered a bit with everything I was doing.

I put in another year and a half of college following that path, then dropped out because I’d gotten a good full-time job working for an Internet company.

I spent several years working full-time, but not saving very well (still staying relatively free from debt, though).

Finally, in 2001, I decided that if I was ever going to finish college, I needed to get it done – I was still single and knew that if I got married and had kids, the degree would stay on the back burner forever.

I had no savings to speak of and my experience with working and going to school full-time wasn’t something I wanted to repeat.

I sat down with counselors at a state university and planned out how I could go to school full-time for four packed semesters (18 – 24 credits each) and come through on the other side.

I didn’t qualify for any scholarships because of my prior grades and my previous income kept the Pell Grant out of reach.

I made the choice to borrow enough to pay for tuitions, books, housing and food from September 2001 – December 2002 (when I would finish). The amount totalled $23,500.

I buried my head in my books and even managed to earn a half-tuition scholarship during my last semester after impressing my department chair with my dedication to my studies.

I finished on time and found a decent job. Right after I graduated, I met the woman who later became my wife, married, and we now have a 2-year-old son.

The reason I’ve shared the whole story is because I want readers to understand that I felt I was borrowing out of necessity and I didn’t borrow needlessly – my expenses were minimal during the 16 months I was back in school.

Now, I’m 5 and a half years on the other side of college and I’m still paying those student loans to the tune of $232 a month. I’m sick of it.

The current balance is just over $14,000.

If I could go back and do it all again, I would have walked away from college and never looked back.

I don’t regret the things I learned and I even use some of them in my daily work as VP of Markting for a successful Internet company.

What I do regret is the bondage I feel every time I write a check for the loan.

I could probably have learned the same lessons (if not better ones) by continuing to focus on my career, avoiding the break, and staying out of debt.

My counsel would be to avoid debt for education. It hasn’t been worth it for me.

It sounds to me like you have competing goals right now — being a student and being fully independent may not be possible at the same time. Did you move out because you had to move closer to school, or because you wanted to be on your own? Is it possible to move back home? Or find a different living arrangement with fewer costs?

College is challenging for a variety of reasons. If you’re a full-time student then your most important job is to do your best work for the classroom. This may be the only time you’ll have in life to really focus on developing your skills and interests with the support of like-minded peers and professors. Take advantage of it.

If your priorities have changed so that you’re more concerned about achieving independence and financial stability, then maybe school should go on the back burner for awhile. Cut back to part-time, or take a break for a semester.

It sounds like the current situation, trying to do both of these things, just isn’t working for you. Since most of us end up taking out student loans or getting major help from our parents to finish school in 4 or 5 years, worrying about saving money seems a little silly. Get through school first, and do it with the minimal amount of debt and expense possible. Visit your financial aid office and ask for help, live on or near campus so you can ditch having a car, etc. True independence (and the responsibilities that come with it) is just around the corner and will be here soon enough.

I went to a private university as an undergrad, lived on-campus, didn’t own a car, took work-study jobs, lived and worked at home during breaks, and still felt plenty independent. The money I earned was my own, and I was proud that my single mom never had to help me with living expenses (she helped with tuition). Yes, I took out some student loans to cover what my scholarships didn’t, but overall the cost to achieve my degree was reasonable and I’m a better person for the experience.

I know exactly what she is going through! I am going into my senior year of college and have been paying my way the past three years. It hasn’t been easy but I’m getting through it. Only this past year have I realized how difficult it is to save money faster than I am spending it. However, I have found that the easiest way to save is little by little. I have a CD that I have had all throughout school that I have not touched, even though I could use the extra money. I also had a 401k through my employer that I have recently rolled over to a Roth IRA. It isn’t a lot, but I know that I can contribute a little each month to help it grow.

Saving in college is extremely difficult, but I don’t think saving at any point in your life is ever easy. It’s all about choices and what you want to spend your money on.

wow, i can’t believe people are saying that saving is too much of a stress, is too much of a burden, etc during college. how much stress does it take to have funds automatically transferred to a bank account or into ira or 401k?

like anything else, set up a budget and go from there. if you don’t make enough, then you have to either reduce spending, increase income, or extend your timeline.

college like everything else is about priorities. there are plenty of students out there that are taking a full course load and working one or two jobs. there are others who are doing minimum. figure out what priorities you have and go with them. i worked full time and took between 30-34 credit hours per semester.

I made it through college without any debt, but just barely, but then I continued on to university. Since I’d depleted all my money in college, I was stone broke all the time in university.

I ended up starting my own business to make ends meet, and it’s still going strong today (in addition to my full-time job I got with my degrees from school).

I agree about cutting expenses as much as possible. But healthy snacks in bulk (raisins, granola, etc) and keep a baggie in your backpack all the time. That $0.75/$1/$2 at the vending machine when you’re starving before your next class adds up a lot faster than you’d think.

Pack your lunch if you can. It’s cheaper and healthier. My school cafeteria had loads of healthy options, but they were more than I could afford. Faced with the choice between the $3 French fries or the $7 salad, I ended up eating a lot of greasy fries :P

Buy books secondhand. Wait until after the first day of classes to do so. the prof will usually tell you if s/he actually uses the textbook on the first day. If s/he doesn’t, ask. Sometimes you don’t need it at all!

@ Web Tech Gal:
In addition to what TosaJen said, not all school programs allow for summers off to live at home while still in school. I had one “summer break” during 1st year. I lived at home (yes, for free) that summer and worked my ass off at the local grocery store, but the rest of my 6 years of post-secondary was full of classes and co-op jobs, none of which were closer than 3 hours to my parents’ house. Living there after that first summer was simply not an option.

As for after graduation, not everyone’s parents are just going to give them a free ride “for a few years” following graduation (or even be able to afford to do so if they wanted to), and honestly I think it’s crazy to expect parents to do so.

I got through undergrad and my MA while saving money, and hope to do the same with my PhD – for me, saving money just seems to be more enjoyable than spending it, and I see it as a challenge.. In undergrad, I pretty much just cut out as much as I could from my budget. I had lots of friends, so I never paid for cable. I shopped at thrift store. I bought necessary textbooks from Amazon because, being an English major, they were available there and generally 30% cheaper than the campus bookstore. Meals were vegetarian and cooked from scratch, I didn’t drink (huge money-saver, but then I don’t like to drink anyway), I didn’t have a cell phone or a car, and there was lots of free entertainment on campus. I also volunteered a lot, which kept me away from activities that would have required a cash outlay.

I also got into my school’s co-op program, which helped me get good jobs in my field. I ended up with positions that paid significantly more than minimum wage and that added to my resume as well.

I don’t think it’s always possible to save money through undergrad, depending on where you’re coming from it can be hugely difficult. Sometimes, laying out the cash and dealing with a bit of debt is preferable to doing poorly because you’re working all the time or too worried about money to do well in school. But, I think it’s also important to do what you can to make sure the debt isn’t overwhelming.

@Web Tech Gal – Your parents must be nice people or something. I could never live at home. That first summer after freshman year of college was the last time I will spend more than a week at home. My mother is too controlling, and I’m responsible for myself, so it grates, and always has, its just worse after you get away from it for a while.

Wait tables…it’s the easiest way to make a lot of money in a short amount of time and a lot of the cash you make goes unreported/tax free. You also get a lot of free food(if your nice to the cooks) which will save you money on groceries.

Thank you all so much for your helpful and insightful comments! I’m so glad to be a part of such a thoughtful community.

The most useful piece of advice that you all gave seems to be analyzing expenses and cutting them. I’m going to learn to cook so I can stop eating out, and I’m going to make my own coffee in the mornings so I can forego my (admittedly occasional) trips to Starbucks. Also, thank you for reminding me that it’s ok to rely on my parents during this time of my life.

In answer to a couple of comments –
I live on my own because it cuts out the 45-minute drive to school every morning. I live close enough now to ride my bike. I probably save enough on gas this way to justify my rent payments. I am willing to live at home during the summer, but would be required to give up my room in order to do that. I have such a fantastic deal on a living arrangement that I can’t risk that.
I do not have any student loans, nor is anyone paying my tuition. I am attending university on a full-ride scholarship, and the only thing I pay is meal plan expenses. And my parents are so committed to keeping me debt-free (from loans, anyway) that they actually wouldn’t let me take out a student loan.

My big problem right now is that I take my debit card everywhere I go, and that means I use it. A better strategy for me would be to start taking cash out of the bank, leave by debit card at home, and limit myself to the cash on-hand.

Again, I’d like to thank all the GRS readers who responded. Thank you for your time and willingness to share your thoughts and experiences with me. I really appreciate it.

Not recommending this to anybody . . . but I quit 6 months after I started! Watching those student loan statements and working for $6/hour made me sick. So . . . yes I quit school full-time and picked up classes as time allowed in my full-time work schedule. 13 years later I’m still taking classes but my employer is paying for them. Now, my goal is to graduate college before my son (currently 10 years old) starts school. This is definitely a non-traditional path but it’s worked for me and I feel that I’m pleasantly in a comparable position with my peers of the same age that were traditional students.

I agree with Emily’s commend #9 and others who have said that schoolwork should be the first priority. It would be counter productive to over work yourself or focus too much on saving money now at the expense of your education. Focus on school first even if it means taking on a loan. Of course you should be frugal as possible and not shy away from working part time but just don’t over do it.

I’d also strongly recommend you try and get internship experience in the summers. It will give you good valuable experience for your future career.

Sometimes there just isn’t enough to go around. I was in a challenging program that sometimes required 50+ hours, and I had a student job that required 20+ hours a week. I had some time for a boyfriend, and that was about it.

I probably could have had less debt (I had $20K on graduation, half on credit cards), but I would have still had some even with great money skills. I had no family financial support. I am debt free less than three years later, even with two children. We’ve had only one income for about two years of that time. We are now enjoying the thrill of no longer living like students, and gradually building up our lifestyle and savings.

I knew I could expect a significant increase in earning potential from my degree – which is why the program was so challenging and required 50+ hours a week. I can’t say that I have great memories of college. It was stressful and exhausting. I graduated feeling burned out.

Had my parents offered me financial help, I absolutely would have taken it so that I could actually enjoy at least one quarter of college.

I think the strategy of leaving the debit card at home is smart. I didn’t start using that strategy until after graduation, but it really helped us control spending.

On a tangent, regarding #37 from TosaJen: “Most undergrads are actually over 25 (according to gov’t statistics).”

I think that may be looking at the average age? If the average is 25 that doesn’t mean most people are over 25. Throw in a 65 year old with a class of students in their 20’s and it raises the average a lot , yet most students are under 25.

Definitely still apply for financial aid by filling out a FAFSA, even though you are on a full scholarship. Depending on your school’s scholarship policy, if you qualify for grants you may be able to use them toward any supply expenses such as books. Since your parents are supportive about keeping you debt free, ask them if they would be willing to help you set up a Roth IRA in your name, and see if they will fund it during your college years. (Cut them a deal. Tell them that if they will put $50 a month in it you will commit to something for them. Chores, babysitting, anything). Instead of holiday and birthday gifts, ask for the money to be contributed to your savings. And use your tax refund at the end of the year to pay off that credit card. Don’t open any more. It was the worst thing I got caught up in with college. I am 28 still paying off a balance at 26% interest rate that I was stupid enough to charge up in college because I justified it as living expenses. Be frugal, rely on your parents and family, and look forward to a good life with no student loan payments after school. :)

I’m sure I’m repeating advice so I apologize right now, but while in school it’s all about free time. Do you have extra time? Is the problem procuring a job, or not enough time to have a job? You really do need to concentrate on studies, so the advice I’m giving assumes you don’t have time to get a job, or at least shouldn’t. Donating plasma can really help in any circumstance. Shop at a local farmer’s market for cheaper (and better) food. Explore the wonders of rice and how cheap it is and how long it lasts. Cut back on extras. Cancel your cell phone and use Skype instead. Skype costs just about $30/yr, rather than a cell phone bill of $50/month. Set your AC at 76 (or higher if you can stand it) and your heat at 68 (or lower). Buy fans (overhead or box) to help cool your place. Sell your computer and use the local library or your school’s library to check email etc. Cancel your internet and cable. Not watching TV will really cut down on your desire to buy things since you aren’t watching commercials. Sell some clothes/shoes that you don’t wear anymore. If you consistenly have extra space in your fridge, fill a gallon jug with water and freeze it, then put it in your fridge. This will cut down on the energy your fridge uses to cool the insides. Best of luck!

I graduated from college in 1989, and I know costs have gone up way more than the cost of inflation so I’m not sure if I were doing it today if I’d still be able to graduate essentially debt free as I did back then.

1. I attended a state university. I was an out-of-state student, but back in those days, the costs of going in-state to the University of Illinois was actually slightly MORE expensive than going out-of-state to the University of Iowa once you factored in things like housing, food, books, etc. If the reverse had been true, I would have gone to an in-state school even though the journalism program was better at Iowa than Illinois.

2. This doesn’t help you now, but I worked all through high school, starting when I was 14. By senior year, I was working 40 hours per week, putting half my before-tax income aside for college expenses while still keeping up my 4.0 GPA. That saving for college thing is something my mother enforced from my infancy: all financial gifts were put into college savings and not spent on toys or clothes or “fun” stuff. (I do that now for my 3-year-old daughter.) When I started babysitting at age 11 and earned $5 on a good night, my mom made me put $3 in the bank for college. (She insisted on rounding up.) When I got income tax refunds, that money went into the bank from college. (Despite the fact that I argued strenuously that I had paid those taxes out of “my” half of my gross income. :)

3. When I started college, my parents wanted me to focus on school and not work during the academic year. That lasted for a single semester, and before leaving for winter break, I had a part-time job lined up for the next semester. It was only 10-15 hours per week, but it paid for a surprising amount of things and I didn’t feel like I was draining my savings as badly. Mostly, it covered my expenses to participate in a sorority.

4. The next few years, I added more jobs. The first was working in the dorms, where I rotated between putting mail into mailboxes, working the front desk (where I could study!) and working in an in-dorm store that sold food and other necessities like laundry detergent and school supplies. (I also could study on that job during slow times.) My second job was teaching Hebrew and Sunday school at the local synagogue. It was offered to me because the rabbi knew me well because I attended services regularly. Pay was great — $15 per hour, two hour classes two or three times a week. Of course, I also had to put in prep time, which ate into my hourly wage, but minimum wage was like $3.50 an hour then so that was great pay. Junior year, I added a job as an editorial assistant at the local Gannett newspaper in town. As a journalism major, it was the best job I could get for my future resume even though it required cutting back my Hebrew school teaching to one day a week and paid less. But it was essentially an internship and it is challenging to get paid internships so I was pleased. (And when I graduated from college, it meant a LOT more that I worked for a “real” newspaper than my college paper.)

5. I lived in the dorms or the sorority house for my entire four years of college. It was a lot cheaper than having to furnish an apartment and buy my own food, particularly since I had few cooking skills and would have relied primarily prepared food, which is expensive to buy.

6. I maintained a fairly good GPA (3.45 at graduation) but didn’t worry about the extra studying I would have needed for a 4.0, which I could have gotten, I believe, if I hadn’t worked so much.

7. I had a single credit card but considered it for true emergencies only. Which meant that I actually never used it during the academic year. And during the summers, when I was working as many hours as I could to save money for the school year, I used it only to buy things that I already had the money to pay cash for. I’ve never had any credit card debt, something I’m very proud of. But honestly, I don’t know if I could have gotten through college NOW like that.

8. When I did eat out, I ate very cheap. I knew all the places I could get a semi nutritious meal for $3 or less. (I assume these days it would be more like $5 or less, maybe even $7.)My favorite was a baked potato place at the mall where I’d get a plain potato with margarine and a pop for $1.50. When I was broke and the monthly allowance I allotted for myself didn’t stretch to the end of the month, I ate things like popcorn for the Sunday night meal that the dorms didn’t provide.

9. Craigslist didn’t exist in those days, but I would totally have used it if it did. My clothes (except underwear and socks) all came from thrift stores, with occasional extra special buys from regular stores with way past the end-of-season sales when things were knocked down 80 to 90 percent. Sometimes that was actually cheaper than the thrift stores.

10. I did not buy a car until I graduated from college and had a job lined up. During my two years living in a sorority house, I bought a city bus pass during the winter months but walked otherwise the 1.5 or so miles to campus. The dorms, of course, were on campus. I put up notices when I needed rides either home to Chicago or to visit my boyfriend at his school two hours away and paid my share of the gas for a ride. I’d also offer friends gas money for an occasional trip to a real grocery store instead of the convenience stores that were within walking distance. It’s a lot cheaper to buy produce and snacks and such at the big grocery stores than the little ones close to campus that catered to students and charged twice as much or more.

11. Cell phones really weren’t an option in those dark ages, but I’d probably do what I currently do and have a pay-as-you-go cell phone that I keep on only when I’m either using the phone or expecting a call from a specific person. I tell people to leave me voicemail at home and not call my cell unless I’m expecting them to.

When I graduated, I had $4000 in debt only because I opted to pay $10,000 for a single semester in London through Boston University, which was more than I paid for an entire year at Iowa in those days. I almost didn’t go because I didn’t want that debt, but I’m so glad I did because it was the most amazing experience. I can’t believe it’s 20 years since I’ve been there and I’ve never made it back. But I still have friends there and wonderful memories.

Anyway, I’d encourage students to work as much as they can handle while still maintaining at least a 3.0 GPA. Unless you have hopes of medical or law school immediately after graduation, no one is ever really going to care that you killed yourself for a 4.0. And even if you can’t stay debt-free, or put money in savings, at least you can minimize how much debt you have. And as at least one person pointed out, make sure you major in something that you can earn a living with if you’re going to run up debt. I double majored in religion, because I really enjoyed the classes and got As in them, which helped my GPA, but journalism was my focus for a career.

I keep telling my babysitter, who starts college in the fall, that she should definitely take lots of art classes because she’s so talented, but to make sure she gets a degree that can help her support herself while she continues to make art in the future.

Oh, and when you look for those summer jobs, try to find something that will give you professional experience as well as a decent income. Even though I was sure I’d never want to do PR, I did a summer intern in PR both because it paid well and I knew it would look good on a resume. My next-door-neighbor’s kid graduated from college this month and is having trouble finding a job. Personally, I think part of the problem is he spent all his summers working at a grocery store rather than lining up anything professional.

Oh, and one other idea is to look into your college’s work co-op program. I didn’t do it, but I had friends who would attend school for a semester and then work full-time in their chosen field (usually engineering) for a semester, earning great money. Not only does it support your college expenses, but it gives you an idea if it’s work that you’d actually LIKE to do after you graduate. There’s nothing worse than getting a degree and then finding out that although the classes were fascinating, the job actually sucks. I know people that has happened to, and it usually means going back to school for yet another degree which costs MORE money.

Apologies for the length of this. Obviously I feel passionate about trying to get through college with little to no debt.

Find a roommate/s
Carpool/take the bus
Don’t get into the I need to be like everyone mode.
Find part-time jobs, donate plasma, tutor, newspaper carrier
Don’t overspend on your credit card
Borrow/Share with friends clothes/books etc, this way you don’t need to buy

It’s very possible to go through college & not collect debt, saving can be done in a disciplined way.

I graduated yesterday from college and have ten thousand dollars in savings/retirement. I’m going to graduate school in the humanities. I worked nearly every single week over the past four years though and wasn’t fully financially independent until this year. I was fortunate though to have a good paying steady job and a scholarship covering tuition. Having said that, my monthly income during the school year was around $1,000 and my expenses this year were around $400-$800 including food and rent.

It’s definitely possible but not always worth it. If you get a professional job as a nurse, accountant, engineer, or something else, you’ll easily make $40k+ so sometimes it’s good enough to just not get into too much debt.

My advice:
– Don’t have a car if you can (insurance, gas, repairs are huge expenses)
– Go to your Financial Aid dept. and ask for money (it works even for those who have no need)
– I found that living off campus with many roommates is much cheaper and fun than dorms
– Cook your own food, average self-made meal can be less than $3 but even fast food amounts to $5 a meal
– Don’t buy stuff, you don’t need a Wii, you don’t need new clothes, you don’t need to always eat out.
– Borrow books from library or someone else rather than buy them
– Advertise that you’re looking for a good job and you’ll find it. Teaching SAT/GRE prep courses usually pays well.
– There’s always a grant or scholarship of a few hundred dollars or a thousand. Winning even one of those would amount to 2-4 weeks of work.

Best of all, automatically have your bank transfer money from your checking account to your savings account. Then you have no choice about it.

man. i left home at 17, even if going back was a viable option you couldn’t have paid me to live there. too risky.

i busted my tail and graduated college in under 3 years. overload classes every semester and 2-3 jobs to make ends meet. sure, a little money went into savings, but i would have rather had the hours back for the reason below.

looking back, i was in such a hurry to get through before i paid too much in tuition, that i didn’t quite realize the value of my tuition dollars was in the experiences i gained. i could have done a lot more but was too busy juggling jobs and too many classes.

i wouldn’t trade my experiences with friends, despite some costs, for anything. those are some of the happiest memories i have.

rely on the resources you have available to you- if your family is supportive, let them help you out. if you’re working, use whatever benefits to your advantage. we got a lot of free entertainment as a benefit of one of my jobs.

and like others are saying, your main job now is to be the best student you can be. your performance now will have an effect on your ability to make and save money later.

i figure my general lack of saving for the past 4 years can be made up for, once i get the job that’s 3x my graduate stipend. :)

I agree that you shouldn’t be trying to save much in college, just come out even. Take on interest-deferred government student loans if you need to. It’s like free money while you’re in college (don’t treat it like free money for all time). Because a Resident Advisor (or whatever they call them at your school) and potentially get free room and board. I know we have a “free food” listserve that sends emails about campus events with free food. Look for something like that on your campus.

Yes, I really do think college students can save money. I had saved over $10,000 by the time I graduated just 3 weeks ago. It all depends on your situation. Do you work or not? Do your parents pay for stuff? How much is your tution and fees? How much do you spend on beer and alcohol?

You won’t be able to save, so just try to “staunch the bleeding.” It is acceptable to go into debt during college and it’s even acceptable for that debt to build, though the greater it gets the more unpleasant the payback is going to be. Whatever it takes — Just make sure you GET THOSE GRADES. Everything hinges on that. Depending on your course load, failing or withdrawing from a SINGLE course can sometimes result in a significant loss of financial aid for a given academic year. (I used to be a university financial aid advisor before going to law school.)

I’m a college student in the same position and I actually started a blog targeted towards other college students, but even other folks may find advice there as well. My blog is savingforsuccess.blogspot.com, it’s just barely off the ground, but take a look!

If you take the stance that it’s not possible or it’s too hard, you won’t succeed.

If you don’t have enough income coming in, MAKE MORE MONEY. Work more hours, get a second job, sell stuff on ebay, whatever. I saved money while I was in college. This required working full time and going to school full time, but it was worth it.

(I took out student loans because I don’t mind having them. In the end, they give me a big tax refund at the end of the year.)

I find your commitment to savings really noble (and awesome!). You’re in a unique situation, getting a free ride, and I think because of that, you’re right to think about how you can start saving for life after college.

The biggest thing that helped me in spending less (and starting to turn my financial life around in general) was just to track every penny I spent. I used an Excel spreadsheet – but whatever works for you, as long as you stick with it. That way, you can KNOW how much “cutting out Starbucks” or “eating out only once a week” can save you, because you can look at your own spending trends. The information is useful in other ways, too.

Look for little things on the internet to pick up spare change. Someone in the comments mentioned online surveys – those are great, actually. I did a bunch of them last year, and it’s a neat way to pick up extra cash (which you can put right into savings). Whatever it is, you just need a find a little stream of income. Good with Photoshop? Design shirts and sell them on Cafepress. Good at writing? (You seem to be.) Consider starting a blog on something that you’re passionate about.

For now, though, worry about your credit card. Unless you’re still riding a 0% intro APR, the interest rate on that will probably offset any savings you manage.

I was somewhat spoiled, which made it much easier to not go into debt in undergrad. My parents took care of tuition housing (I lived in on campus housing during all 4 years, though I spent the last two years in an on-campus apartment). I was responsible for food, living expenses, and books.

I worked a lot during the summer, and I saved up almost all of that money. I also worked 5-15 hours a week during the school year, depending on the semester. But I also lived like a pauper. My friends and I cooked meals together in order to save money. I think my food spending expenses were somewhere around $150 a month, including eating out. Going out to eat was a rare (once a month or so) treat.

I also didn’t buy a lot of stuff. I had a really small room the whole time, and that kept me from wanting to buy more crap. I got clothes from the thrift store, but I only got them when I needed to replace something that wore out. I went to social events on campus instead of spending money going out somewhere.

Pretty much, that’s all I did. I managed to save up enough to have a really fabulous semester abroad in Europe (I paid for everything there), and I still graduated with enough money for first months rent at my new apartment. I wasn’t particularly frugal, but I was careful with my money. I considered debt unacceptable, so I just didn’t get into it. This mentality has served me well through post grad and grad school, and I’ll continue to follow it as I’m moving up on the career ladder.

I can definitely relate to this post…. about 12 years ago. Here’s my thoughts…

1. You know all the loose change you collect in your pockets? Save it in a piggy bank, wrap it, and deposit it in your savings account. You’ll never know the difference.

2. Like others have said, focus on breaking even by the time you’re out of college. Just doing that will give you a HUGE head start in life.

3. This may sound strange, but donate a small percentage of your income to charity. I’ve found that when I give to others, it seems to find a way to come back to me — not always financially, but sometimes — and it will definitely help you sleep better at night knowing you’re doing something to make the world a better place.

It took me a long time to balance out work and college. Mad props to people like JD holding five (!!!) small jobs and taking a full credit load, or my coworker in the nursing program who works sixty hours a week between three kids and has four kids but still gets a 4.0 on his 18 credits a semester. Those stories are great! The problem is, I expected myself to be one of these people and it just didn’t work out. You have to find a set of standards that work best for you.

I worked 40 hours a week during my first two years of college, and this was fine, for the most part, although my grades were not as good as they could have been (3.2 cumulative GPA). I have a mental illness and it showed up at that classic time, age 20, which threw a loop in things. I think the fact that I was working so hard exacerbated my first (scary) experience with the whole thing. I was basically getting up at 8 a.m. and going to bed at 2-3 a.m. to have enough time to work, go to classes, finish all my homework & readings on time, and maybe get some meals or a shower in.

What I took out of this (besides a couple Fs and a bittersweet readjustment period) is you really have to know what works best for you. I discovered I can’t sign up for classes before 10 a.m. because waking up on time becomes an unduly Sisyphean ordeal. As much as I wanted to avoid debt, I had to cut down my work load and take out a few student loans. It’s been a path that’s made my life happier, saner, and much less stressful, and most importantly, made me able to focus on getting good grades and really learning the hard materials (such as organic chemistry) that I’ll need the rest of my career, rather than just focusing on doing well enough on tests and homework. This came from really ‘knowing myself’—remember that not all plans and advice work perfectly for everyone. If you know your limits (but don’t sell yourself short), it will make college and your future career so much easier and more gratifying.

Colleges offer an awful lot of programs for free that are enormously helpful and somewhat underutilized. For example, this is probably the only time in your life you’ll be able to get counseling for free. I recommend it to everyone—they’re great at helping with all the typical adjustments an overwhelmed college student can face, such as roommate troubles, finding cheap housing, finding good social groups, and pointing out other opportunities on campus.

Most universities have great, free, gyms and swimming pools. Take advantage of one-credit kinesiology/gym classes — they’re basically free since taking between 12 and 18 credits costs exactly the same, and they offer a nice respite from lectures and make sure you’re part of an exercise program. They offer such a huge variety, from yoga and martial arts to sports and even bowling. I took a weight lifting class (for women only, which was far less intimidating) and got all the advantages of an expensive personal trainer for free. Now I can walk into any gym and know how to safely use the weights and set up a good exercise regime. For free!

Make sure you find a major that is something you find interesting but will also have very good odds at yielding a good career. It’s pretty easy to get your grad school paid for with stipends if you’re a science major, whereas getting a grad program in a liberal arts field will be very much more difficult to fund. (Not that I am attempting to dash anyone’s liberal arts dreams here.)

Try and find good friends that are more interested in studying than partying. It’s so much easier to stay on a budget if you’re around people who have that same goal. I feel like an old person talking with my fellow students & tutoring coworkers about the grocery store bargains that week, but it’s way more satisfying than having Keystone drinking contests.

Make do with what you have—I was using an old 486 (in 2002) for my first two years of college, but it ran MS Office and that was all I really needed. Plus its inherent slowness kept me from getting into addicting things like MMOs. All the expensive things I lust after that would tempt me to take out further student loans (Nintendo Wii, MP3 players, zippy new Mac) would give me way too much opportunity to distract from my studies. In that way, it’s advantageous to not have them around, and I’ll have plenty of gadget money once I get a job. It’s all that much more motivation to finish college and get a good career. (Trying not to sound too sour grapes here.)

It sounds like you have a big head start on being budget conscious, which is a lot more than man many of your peers may even have started to consider. Be very grateful you have considerate, helpful parents to turn to. Focus on what you need to do now, and make sure you know yourself enough to get the most out of college. Sorry I wrote a whole novella here.

When I turned 18, I asked my Dad if I can start filing my own taxes (meaning, he can’t claim me as a dependent anymore). He said sure and this way, I was able to file for Financial Aid (by filing my own taxes, my Financial Aid application only took into account my income, which was pretty low). I got a government grant (based on need and grades) that paid for all of my education (5 years) and give a bit extra for books. I bought books at half.com (used) whenever I can – this took a lot of planning because I need to stay on top of when the professors give out the book list at the beginning of each quarter and look them up on the web and purchase them. This has an advantage because usually I receive the books early and will have them ready. Buying books at half.com saved me hundreds of dollars and stretched the money I receive from the grant.

I also worked at this time and that money paid for rent. I didn’t get my own room, I shared with my best friends who are twins. This way, even when living in an expensive area (Orange County, CA), I pay a pretty good rate.

I also insist on cooking lots of food on the weekends and eat the food throughout the week. I’d bring lunch to school and work too. I didn’t spend any money on things that don’t benefit my education – no drinking, no parties, no extras. I seek out cheap grocery stores (ethnic markets) and rarely go out. Thankfully my roomies are pretty frugal so we’d all look for cheap places to eat and such.

Occasionally, I get help from my parents but my ultimate goal was to be independent (they put a lot of pressure on me to study something I didn’t want to do… I went from a Bio major to History, but ended up with a Bio minor anyway). By being more independent, I think they respect me more and don’t push me around as much.

At the end of my schooling, we moved to a 4 bedroom house and by that time, I was able to pay for my own room, and saved $5000 which went to pay for part of my wedding expenses. :D

do employers even look at gpa? don’t ever remember having to my gpa to any perspective employer. unless you are like the top 1%, ok maybe top 5% and you can put the bullet scl or mcl on your cv, your grade makes absolutely no difference in the work force, and even then, your grades will only get you an interview. the way that colleges/universities give away grades and grade inflation (i’m a great example, and this is really pervasive in grad school), i find it really difficult to see how you can get below 3.0.

instead, be a rounded person and start getting experience in the field you are intending to work while you are studying.

I turned down and Ivy and went to a state school, specifically to avoid incurring massive amounts of debt. I graduated from college debt-free and even having turned a bit of a profit from a combination of scholarships, substitute teaching at the local high school and grading papers. Too many people think that the value of an education is directly linked to the cost of that education. I still have a great income and a good education and a great college experience – at no cost. Don’t incur debt for college if you can avoid it. Go somewhere cheaper. Get scholarships. Take time off to work for a semester. Debt is pointless.

I was very lucky I was able to graduate with money in the bank, I paid for about 80% of everything while going to school. I did this by being smart with my money and having a great job, that was very flexible and paid quite well and that i could work full time at during the summer.

I would not worry about a little debt just make sure your smart with your money i knew people who used thier students loans to buy a car or a new set of clubs.

I say as long as you can keep away from credit card debt and keep lower interest student loans and be smart with your money you should be able to graduate with a small but manageable debt.

You don’t want to be working all the time, school is about having some fun too.

This may not apply to a lot of people but in my college full-time was 12 credits. At that point the price maxed out and you could take up to 20 credits on that same price.

I took the full course load EVERY single semester, and graduated in 3 years, with a Major and two minors. Every credit you don’t take is you basically wasting money.

This limits you in the job you can take and I personally could not really work more than 15 hours with out just dying. BUT I found the advantages to be two fold.

As we all know the price of college is going up and up, and actually what would have been my last year, the price of a semester went up almost 1,000. I did lose out on money I could not make working a part time job, but I won out by saving not only one one year, but on whatever inflation that year would entail. (Not to mention, books, fee’s, labs etc)

Also I could start working a full-time job one year earlier than all my class mates. Which would have help immensely in whatever debt I may have had (I did not have any)

It also helps that I went to my in-state college where at the time a single year cost only about 3,000.

I managed to obtain my degree with under 10 grand. If you figure in scholarships/grants, I really only paid about 5-6 k, but once you include the price of books and fee’s that pushes the price back up..

I couldn’t work much, but I also had help because I had worked since I was 15 and had already saved 3,500 by the time I went to college. Which was the price a full year of college, and books.

I also lived at home because not only was it an option, but because I knew it would be saving me MAJOR cash. Dorms would’ve tacked on another 6-7k a year.

Also since I could fully focus on my studies, it was not hard to apply for grants.

I did not qualify for the honors program which would’ve give me a free ride (and paid for my dorming and books) But, I did qualify for some pretty decent aid which took off about 1,000 a year.

Looking back if I was really smart I should have taken about 15-16 credits a semester and worked on my grades to push me past 3.6 and qualify for the said honors program.

I basically graduated without a single debt, however I did regret the way I went to college.

I ran through it, and only took the courses I knew would contribute to my graduating as early as possible. However this style of schooling prevented me from taking advantage of study abroads, and since I lived at home could not take part on campus life.

Afterwards I did have some regrets due to the fact that I felt my college life was a bit lacking compared to others.

College is expensive, but it is also a time in your life when you can really discover yourself and make a lot of friendships and memories that are unlike anything else.

I knew some people who left college with major debt but had managed to study around the world, do things like travel Europe back packing etc.

I am debt free and am actively saving for retirement, but I feel that some things can’t be done when I am 60or 70, or won’t be the same.

I think the recent post on thinking about what you are saving for, and what kind of life you want to live is very important.

Right now I am working a job that doesn’t have very good prospects for advancement but allows me to travel. It pays alright, but with my qualification I think I could have gotten a better job, at better pay than the one I work now.

However at this point in my life I feel it is important to work a job where I can take a semi-major vacation twice a year.

I feel that I would’ve be more content starting the rat race right away if I had made more college memories traveling etc, and would have currently be working a more stable job with long term prospects with probably better pay.

So before you worry too much about being as debt free as possible, I think it’s best to look at yourself and see what you want to get out of college.

I’m a parent whose oldest is going to be going to college in two years. Here’s my expectations for him:

1. Live frugally. Don’t get loans or credit cards. I’d much rather he graduate with as little debt as possible.

2. I’m going to pay for much of his college. In return, he gets good grades and doesn’t screw around.

3. He goes out for every grant or scholarship for which he’s eligible. Anything over, I’ll pay for.

4. Part-time jobs for beer money is fine, unless it impacts grades or graduation schedule. If it does, we’ll talk.

The rest is negotiable. If he wants to live with his parents, he’s welcome to. If he wants to live on-campus, or rent off-campus that’s fine.

Ultimately, I don’t want him graduating with crushing debt that will take 10 years to pay off. I’m at the point in my life where my job pays for more than my expenses :-), so I’m happy to give him a good start.

I expect that most parents feel the same way, although their own financial circumstances may limit how much they can do.

I know of a strategy that really works, you see when you have money in bulk its hard to stop yourself from spending it all at once so what you have to do is fool yourself, put your money in compartments like envelopes divided into savings, spending cash, money for investing and so on. then you can move that money into different bank accounts. the money you saved in a savings account,your investment money in a money market account your spending cash in a checking account, and never use the money in a certain account for a porpose it was not intended.

I hate to be bumping a thread that is kind of old but maybe some of my experiences could help some one out.

My Story

I graduated high school with high standardized tests scores and just average grades. This left me few choices so I chose the one that no one has mentioned so far. I joined the National Guard. Now I know it is not the right choice for everyone but it was the right choice for me.

After training I was given a tuition waiver plus a living stipend of about 500 a month. On top of this I worked a small campus job fixing computers in the lab. This allowed me enough money for tuition, rent, books, and food. Now I can’t say I ate the best meals or had the nicest car, but I was afforded a nice life and was able to finish my studies DEBT FREE. It pains me now to see the crushing debt that my friends have had to deal with and how it affects their finances for years to come.

Other advice.

1. On summer break take classes at a community college to shorten your time in school.
2. Find a part time job that has tuition reimbursement, Wal-Mart and Home Depot used to have programs, but you would have to check.
3. Take advantage of everything free your school offers, sporting events, movie screenings, food, and entertainment.

J.D. & others who graduated without student loans please PLEASE share your stories! J.D. it would be great if you could post the details! and Tips! (I searched your site and didn’t find anything soley on that.) I’m a senior in high school this year and my goal is to graduate debt free, it may be a long shot but I’m going to shot for the moon so to speak!

Let’s see to graduate without loans, it possible. Some fields of study have a lot of money for scholarships that no one claims.

Get a part time job, take the bus, buy used books, look at other means of housing besides on campus. Yea you don’t have to have a car and you can walk everywhere but surprisingly there were several fraternities and apartments cheaper then then living on campus at my school. I joined a dry (no drinking in the chapter house, keeps it a lot cleaner) fraternity, got good grades and received a monthly discount of $50 off my rent. I even lucked out at the end of stay and got to be an adviser netting me even more of a discount. Check out other living options besides the dorms.

Get a job that gives you free meals or something else, I worked in a sorority for a year. I got two meals a day 5 days a week and one meal on sundays for 2 hrs of work a day and I got some extra money.

Donate blood

At one time I worked 3 different jobs and carried a full load of credits. You just have to have decent time management skills.

Absolutely. I’m in college full-time right now and still manage to put aside a little money each month. I work part-time and I am a Resident Assistant in my dorm, like someone who commented above which means free room and board, which helps cut down on student loan debt.

I’m not saving much each month, but that doesn’t matter. Every time I get a paycheck or some unexpected money, such as a birthday gift of say $20, I save at least 30% of it, if not half. It’s good to get in the habit of saving since college students now will need to plan on saving for their own retirement.

Also, like many others have said above, keeping spending to a minimum helps. Splurge occasionally, but it is easy to find free food and events on campus. You can also check out free books, movies, magazines,etc. from the campus library. If nothing else, there are lots of places for cheap fun and places that offer student discounts.

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My name is J.D. Roth. I started Get Rich Slowly in 2006 to document my personal journey as I dug out of debt. Then I shared while I learned to save and invest. Twelve years later, I've managed to reach early retirement! I'm here to help you master your money — and your life. No scams. No gimmicks. Just smart money advice to help you get rich slowly. Read more.

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